Industrial Development Fund JSC placed social bonds on AIX with the support of the AIFC Green Finance Centre
Industrial Development Fund JSC (part of the “Baiterek” NMH” JSC) has successfully completed the debut issue of social bonds with the maturity period of 3 years on the Astana International Exchange (AIX).
The proceeds from this issuance will be utilised to acquire ambulances for further allocation to the akimats of Akmola and Kyzylorda regions, aimed at enhancing social infrastructure and advancing the quality of healthcare services in the region.
The issuance process of social bonds adhered strictly to the social bond principles outlined by the International Capital Markets Association (ICMA). An external assessment in the “Second Party Opinion” format was provided by the AIFC Green Finance Centre, confirming the compliance of this placement with the high standards of sustainable finance.
Zhanar Ibrasheva, Deputy Chairman of the Board of Industrial Development Fund JSC, remarked, “Our debut listing on the AIX affirms the Fund’s dedication to promoting socially responsible investing. The funds procured through raised on this issuance will contribute to enhancing medical infrastructure in the Akmola and Kyzylorda regions, thereby enhancing citizens’ quality of life.”
Manas Gizhduaniev, CEO of AIFC Green Finance Centre, stated, “Adhering to international standards in labeling social bonds is pivotal in ensuring transparency, trust and effective fund utilisation for addressing social issues. The labeling of Industrial Development Fund’s social bonds aligns fully with the requirements of the International capital markets association’s Social bond principles, highlighting their commitment to transparent and responsible fund usage, thereby instilling investor confidence to support sustainable development.”
Based on the external assessment provided, Industrial Development Fund demonstrates excellent management practices, fund allocation, project selection, fund management quality and reporting transparency for ongoing projects of social significance.
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The AIFC Green Finance Centre, the only organisation in Central Asia accredited by international methodological centres for the verification of sustainable financial instruments, actively contributes to the development of the sustainable finance market in the region. Presently, the GFC is closely collaborating with issuers to facilitate the issuance of sustainable bonds on various stock exchanges, including the AIX (Kazakhstan), Kazakhstan Stock Exchange (Kazakhstan), Tashkent Stock Exchange (Uzbekistan), Central Asian Stock Exchange (Tajikistan), Baku Stock Exchange (Azerbaijan), and the Kyrgyz Stock Exchange (Kyrgyz Republic).
Industrial Development Fund JSC is a subsidiary of Development Bank of Kazakhstan JSC and is part of the structure of Baiterek National Management Holding JSC, which has a Ba1 credit rating from Moody’s. The Fund is committed to supporting domestic enterprises and fostering the development of the manufacturing industry by financing projects with significant socio-economic impact.
